Business
Steel Dynamics, SGH Boost BlueScope Steel Acquisition Bid to $11 Billion
U.S. steelmaker Steel Dynamics STLD 0.43%increase; green up pointing triangle and Australian conglomerate SGH submitted a sweetened offer for BlueScope Steel BSL 0.73%increase; green up pointing triangle that values its equity at roughly US$11 billion, and said they wouldn’t raise it again unless a rival bidder emerges.
The new bid intensifies a takeover campaign dating back months when Steel Dynamics tried to get BlueScope, which has operations in 14 countries including the U.S. and Australia, to agree to a deal. Those earlier approaches were rebuffed and Steel Dynamics teamed up with SGH late last year to try to buy the company. BlueScope on Wednesday said it is considering the pair’s revised proposal.
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